"Developing, patenting and launching innovative products is an important feature of a high value-added economy. That is why we have allocated almost €80 million of additional funding to innovation projects, in response to the particularly strong demand from business for innovation projects. In total, almost €114 million has been allocated to 133 projects under the two measures," said Aušrinė Armonaitė, the Minister of the Economy and Innovation.
Under InoPažanga, almost €36 million of investment has been allocated to 54 advanced innovators on the reserve list. Lithuanian companies will deploy a range of artificial intelligence solutions, improve processes for IoT-based goods and services, develop automated road signs, harness innovations in agriculture and provide more secure online services. Companies will also develop smarter energy and fire systems and innovative products.
The InoBranda instrument provides almost €43 million of investment to 44 mature innovators on the reserve list. This will be used for the roboticisation of medical diagnostic laboratories, the development of virtual tools for learning and speech recognition, and industrial innovation. Lithuanian companies will also develop innovative biotechnology tools, facilitate the use of scientific data analysis and innovate in the field of environmental protection.
"These investments will pay off handsomely by improving our country's economic, industrial, social, educational and cyber sectors. This will not only create innovative products, but also grow Lithuania's economy by strengthening business and science," said Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.
In the first phase, in April this year, 35 projects were selected under InoPažanga and InoBranda for funding of almost €35 million. Almost €20 million was allocated to 23 advanced innovator projects and almost €15 million to 12 mature innovator projects.
An advanced innovator has been active for at least one year and a mature innovator for more than three years.
InoPažanga and InoBranda are being implemented within the framework of the European Union's investment programme for 2021-2027.
